Sunday, February 8, 2009

L.A. Times: Iceland is Steamed

Iceland is steamed
Its economic meltdown, and the violent reaction of its people, may be echoed worldwide.
(Los Angeles Times, 2/8)
By the mid-1990s, Iceland had, through dicey finance and lots of debt, launched its journey to becoming one of the world's most affluent societies. Fortune continues: "But the principal fuel for Iceland's boom was finance and, above all, leverage. The country became a giant hedge fund, and once-restrained Icelandic households amassed debts exceeding 220% of disposable income -- almost twice the proportion of American consumers."...

"It's official: capitalism is monstrous. Try talking about the benefits of free markets and you will be treated like someone promoting the benefits of rape."

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